CHƯƠNG 5: THE MARKOWITZ ALGORITHM

18 172 0
CHƯƠNG 5: THE MARKOWITZ ALGORITHM

Đang tải... (xem toàn văn)

Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống

Thông tin tài liệu

W?|hL_U|L? |L 6?@?U@* ,UL?L4i|hUt @T|ih D Ai @h!L|3 *}Lh|4 ,hU ~L| #iT@h|4i?| Lu ,UL?L4Ut N?iht|) Lu `@t?}|L? a@?@h) 2Sc 2fff At ihtL?G 6iMh@h) bc 2fff  ,Ui?| Lh|uL*Lt | Ahii +t!) tti|tG Ai @h!L|3 *}Lh|4 L?t_ih |i TLh|uL*L ThLM*i4 | |hii ht!) @tti|t _i?L|i_ c @?_  wi| -  E ' cc _i?L|i |i hi|h? L? @tti|  @?_ @tt4i |@| -   _ ->  cj   SJE-  c-  'j   6Lh **t|h@|i ThTLtitc A@M*i  ThL_it i @4T*i _@|@ L? 4i@?tc @h@?Uit @?_ UL@h@?Uit A@M*i  5|LU! >  j  @h Ec j   f22b fb2e Ec ffS  fH fHS2 Ec fDH2  ffD2 fD2H Ec fDb wi| %  _i?L|i |i t@hi Lu i@*| ?it|i_ ? @tti|  @?_ @tt4i |@| @** i@*| t ?it|i_ ? |i |hii @tti|t tL |@| %  n %  n %  ' Ai TLh|uL*L hi|h?c - R c t |i h@?_L4 @h@M*i - Rc% ' %  -  n %  -  n %  -   Ai tMtUhT| R  ?_U@|it |@| |i TLh|uL*L t UL?t|hU|i_ t?} |i i}|t %  c%  @?_ %   Ai i TiU|i_ hi|h? L? |i TLh|uL*L t > Rc% ' .d- Rc% o'%  >  n %  >  n %  >  E  @?_ |i @h@?Ui Lu |i TLh|uL*L hi|h? t j Rc% ' @oE- Rc% '%  j  n%  j  n%  j  n2%  %  j  n2%  %  j  n2%  %  j   E2 L|Ui |@| @h@?Ui Lu |i TLh|uL*L hi|h? _iTi?_t L? |hii @h@?Ui |ih4t @?_ t UL@h@?Ui |ih4t Oi?Uic | |hii @tti|t |ihi @hi |Ui @t 4@?) UL@h@?Ui |ih4t |@? @h@?Ui |ih4t UL?|hM|?} |L TLh|uL*L @h@?Ui 6Lh i @4T*ic *i| %  '* Ai? > 4? 'E   Ef22b n E   EfHnE   EfD2H 'fef j 4? 'E    Efb2e n E   EfHS2 n E   EfD2H n2E   E   EffS n 2E   E   EfDH2n2E   E   EfDb 'ffS2 Ai ?it|4i?| LTTLh|?|) ti| t |i ti| Lu TLh|uL*L i TiU|i_ hi|h? @?_ TLh|uL*L t|@?_@h_ _i@|L? @*it uLh @** TLttM*i TLh|uL*Lt tU |@|   n%  n%  ' t ? |i |L ht!) @tti| U@tic |t ti| U@? Mi _itUhMi_ ? @ }h@T | > R L? |i ih|U@* @ t @?_ j R L? |i Lh3L?|@* @ t N?*!i |i |L @tti| U@tic Liihc |i ?it|4i?| LTTLh|?|) ti| U@??L| Mi t4T*) _itUhMi_ M) L?i t_i Lu @? )TihML*@ Ai }i?ih@* t@Ti Lu |i ti| t UL4T*U@|i_ @?_ _iTi?_t UhU@**) L? |i UL@h@?Ui |ih4t j   t i t@** tiic i _L ?L| @i |L u**) U@h@U|ih3i |i ?it|4i?| LTTLh|?|) ti| Wu i @tt4i |@| ?it|Lht L?*) U@hi @ML| 4@ 43?} TLh|uL*L i TiU|i_ hi|h? @?_ 4?43?} TLh|uL*L @h@?Ui ? _iU_?} |ih @tti| @**LU@|L? |i? i U@? t4T*u) |i TLh|uL*L ThLM*i4 M) L?*) UL?Ui?|h@|?} L? |i UL4M?@|L? Lu iUi?| TLh|uL*Lt Mi|ii? @tti|t c  @?_  At t |i uh@4iLh! Lh}?@**) _ii*LTi_ M) O@hh) @h!L|3c |i u@|ih Lu TLh|uL*L |iLh) @?_ ??ih Lu |i LMi* h3i ? iUL?L4Ut `i @tt4i |@| |i ?it|Lh tit |L ?_ TLh|uL*Lt |@| @i |i Mit| i TiU|i_ hi|h?ht! |h@_iLg W? L|ih Lh_tc i @tt4i |@| |i ?it|Lh tii!t |L ?_ TLh| uL*Lt |@| 4@ 43i TLh|uL*L i TiU|i_ hi|h? uLh @ }i? *ii* Lu ht! @t 4i@thi_ M) TLh|uL*L @h@?Ui wi| j 4?B _i?L|i @ |@h}i| *ii* Lu ht! Ai? |i ?it|Lh tii!t |L tL*i |i UL?t|h@?i_ 4@ 43@|L? ThLM*i4 4@   c%  c%  > Rc% ' %  >  n %  >  n %  >  tMiU| |L Er| E j RcB ' j Rc% ' %  j  n %  j  n %  j  n2%  %  j  n2%  %  j  n2%  %  j  '%  n %  n %  At ThLM*i4 t **t|h@|i_ ? 6}hi  Ai TLh|uL*L | i}|t E%  c%  c%   |@| t@|tit |i @MLi 4@ 43@|L? ThLM*i4 tc M) _i?|L?c @? iUi?| TLh|uL*L Ai iUi?| TLh|uL*L uhL?|ih t }h@T Lu > R ihtt j R uLh |i ti| Lu iUi?| TLh|uL*Lt 2 }i?ih@|i_ M) tL*?} E uLh @** TLttM*i |@h}i| ht! *ii*t j 4?B  Q at| @t ? |i |L @tti| U@tic |i iUi?| uhL?|ih ? hiti4M*it L?i t_i Lu @? )TihML*@ Ai ?it|Lh<t ThLM*i4 Lu 4@ 43?} TLh|uL*L i TiU|i_ hi|h? tMiU| |L @ |@h}i| *ii* Lu ht! @t @? i^@*i?| _@* hiThiti?|@|L? ? U |i ?it|Lh 4?43it |i ht! Lu |i TLh|uL*L E@t 4i@thi_ M) TLh|uL*L @h@?Ui tMiU| |L @ |@h}i| i TiU|i_ hi|h? *ii* wi| > 4?B _i?L|i @ |@h}i| i TiU|i_ hi|h? *ii* Ai? |i _@* ThLM*i4 t |i UL?t|h@?i_ 4?43@|L? ThLM*i4 4?   ?  ?  j 4? ' %  j  n %  j  n %  j  Ee n2%  %  j  n2%  %  j  n2%  %  j  r| > RcB ' %  >  n %  >  n %  >  '%  n %  n %  AL ?_ iUi?| TLh|uL*Lt Lu ht!) @tti|t ? Th@U|Uic |i _@* ThLM*i4 Ee t 4Lt| Lu|i? tL*i_ At t T@h|@**) _i |L UL4T|@|L?@* UL?i?i?Uit @?_ T@h|*) _i |L ?it|Lht Mi?} 4Lhi **?} |L tTiUu) |@h}i| i TiU|i_ hi|h?t h@|ih |@? |@h}i| ht! *ii*t AL tL*i |i UL?t|h@?i_ 4?43@|L? ThLM*i4 Eec i uLh4 |i w@}h@?}@? KE  ?  ?  ?> Q cb '%  j  n %  j  n %  j  n2%  %  j  n2%  %  j  n2%  %  j  nb Q E%  >  n %  >  n %  >   > 4?B n> E  n   n     Ai ht| Lh_ih UL?_|L?t uLh @ 4?44 @hi f' ;K ;  '2%  j  n2%  j  n2%  j  n b Q >  n b ED f' Yu Y%  '2%  j  n2%  j  n2%  j  n b Q >  n b f' Yu Y%  '2%  j  n2%  j  n2%  j  n b Q >  n b f' Yu Yb Q ' %  >  n %  >  n %  >   > 4?B f' ;K ;> '   n   n     Aiti @hi i *?i@h i^@|L?t ? i ?!?L?t @?_ @ ?^i tL*|L? U@? Mi uL?_ @t *L?} @t |ihi @hi ?L *?i@h _iTi?_i?Uit @4L?} |i i^@|L?t Ai tL*|L? uLh   c%  @?_ %  }it @? iUi?| TLh|uL*L | i TiU|i_ hi|h? > Rc% ' > RcB c @h@?Ui j 4? }i? M) E2 @?_ t|@?_@h_ _i@|L? j 4?  Ai T@h E> 4? cj 4?  T*L|t @t @ t?}*i TL?| L? |i iUi?| uhL?|ih Lu TLh|uL*Lt Lu |hii ht!) @tti|t 6Lh i @4T*ic t?} |i _@|@ ? A@M*i  @?_ @ |@h}i| i TiU|i_ hi|h? Lu > 4?B 'ff |i tL*|L? uLh |i iUi?| TLh|uL*L U@? Mi tL? |L Mi   ' fbH?  'f " Qrw doo wdujhw ulvn ohyhov duh ihdvleoh1 Wkh ihdvleoh ulvn ohyhov duh wkrvh wkdw duh juhdwhu wkdq ru htxdo wr wkh joredo plqlpxp yduldqfh sruwirolr1  @?_   'fS. 6Lh u|hi hiuihi?Uic U@** |t TLh|uL*L R@tti| j L|Ui |@| @tti|  t tL*_ tLh| ? |t TLh|uL*L Ai i TiU|i_ hi|h?c @h@?Ui @?_ t|@?_@h_ _i@|L? Lu |t TLh|uL*L @hi > Rc% ' > RcB 'EfbHEf22b n EfEfH n EfS.EfD2H 'ffD j 4? 'EfbH -fb2e n EfEfHS2nEfS.EfD2H n2EfbHEfEffS n 2EfbHEfS.EfDH2 n 2EfEfS.EfDb 'fSS j 4? ' I fSS'f Ai T@h E> 4?B cj 4? 'Effc f t **t|h@|i_ ? }hi  AL }i| @?L|ih TL?| L? |i iUi?| uhL?|ih |i 4?43@|L? ThLM*i4 Ee ?ii_t |L Mi tL*i_ t?} @?L|ih |@h}i| i TiU|i_ hi|h? @*i > 4?Q ' > 4?B  A@| tc i ?ii_ |L ?_ @ TLh|uL*L | i}|t +  c+  @?_ +  |@| tL*it 4? +  c+  c+  j Rc+  +  j  n +  j  n +  j  n2+  +  j  ES n2+  +  j  n2+  +  j  r| > RcQ ' +  >  n +  >  n +  >  '+  n +  n +  Ai tL*|L? uLh +  c+  @?_ +  }it @? iUi?| TLh|uL*L | i TiU|i_ hi|h? > Rc+ ' > RcQ c @h@?Ui j Rc+ }i? M) EGG @?_ t|@?_@h_ _i@|L? j Rc+  Ai T@h E> Rc+ cj Rc+  T*L|t@t@t?}*iTL?|_gihi?| uhL4 E> Rc% cj Rc+  L? |i iUi?| uhL?|ih Lu TLh|uL*Lt 6Lh i @4T*ic t?} |i _@|@ ? A@M*i  @?_ @ |@h}i| i TiU|i_ hi|h? Lu > RcB  f2D |i tL*|L? uLh |i iUi?| TLh|uL*L U@? Mi tL? |L Mi    fb.?  'ffeD @?_   ' fe2 6Lh u|hi hiuihi?Uic U@** |t TLh|uL*L R@tti| v L|Ui |@| @tti|  t tL*_ tLh| ? |t TLh|uL*L Ai i TiU|i_ hi|h?c @h@?Ui @?_ t|@?_@h_ _i@|L? Lu |t TLh|uL*L @hi > Rc+ ' > RcQ  Efb.Ef22b n EffeDEfH n Efe2EfD2H 'f2D j Rc+  Efb. Efb2enEffeDEfHS2nEfe2EfD2H n2Efb.EffeDEffS n 2Efb.Efe2EfDH2 n 2EffeDEfe2EfDb 'S j Rc+ ' I S'e. Ai T@h E> RcQ cj Rc+ 'Ef2Dc e. t **t|h@|i_ ? }hi  AL Uhi@|i |i i?|hi iUi?| uhL?|ih i UL*_ tL*i |i 4?43@|L? ThLM*i4 Ee uLh @** TLttM*i |@h}i| i TiU|i_ hi|h?t |? tL4i h@?}i At Mh|i uLhUi @TThL@Uc *i **t|h@|ic t ?L| ih) Th@U|U@* UL4T|@|L?@**) 6Lh|?@|i*)c |ihi e t @? i@tih @) |L UL4T|i |i i?|hi iUi?| uhL?|ih |@| L?*) hi^hit tL*?} Ee uLh |L |@h}i| hi|h?t t i t@** tiic }i? @?) |L TLh|uL*Lt L? |i iUi?| uhL?|ih @?L|ih TLh|uL*L L? |i iUi?| uhL?|ih t @ t4T*i UL?i UL4M?@|L? Lu |iti |L TLh|uL*Lt Oi?Uic |i hit*|t uLh |i UL?t|hU|L? Lu iUi?| TLh|uL*Lt | |L ht!) @tti|t U@? Mi ti_ |L UL4T|i iUi?| TLh|uL*Lt | @? @hM|h@h) ?4Mih Lu ht!) @tti|t AL **t|h@|i |t hit*|c UL?t_ih |i |L iUi?| TLh|uL*Lt |@| @hi |i tL*|L?t Lu Ee @?_ ES L UL?t_ih uLh4?} @ ?i TLh|uL*L |@| t @ UL?i UL4M?@|L? Lu |iti |L TLh|uL*Lt wi| 5  _i?L|i |i t@hi Lu i@*| ?it|i_ ? @tti| j Eht| iUi?| TLh|uL*L @?_ *i| 5 + _i?L|i |i t@hi Lu i@*| ?it|i_ ? @tti| v EtiUL?_ iUi?| TLh|uL*L @?_ 4TLti |i UL?t|h@?| 5 % n 5 + ' Ai i TiU|i_ hi|h? @?_ @h@?Ui Lu |t TLh|uL*L t > Rc5 ' 5 % > Rc% n 5 + > Rc+ E. j Rc5  5 % j Rc% n 5 + j Rc+ n25 % 5 + j %+ EH ihi j %+ ' SJE- Rc% c- Rc+  @?_ - Rc% _i?L|it |i hi|h? L? @tti| j @?_ - Rc+ _i?L|it |i hi|h? L? @tti| v ?Ui i UL4T|i j %+ |i? i U@? i@t*) |h@Ui L| |i iUi?| uhL?|ih AL UL4T|i j %+ i ht| ?L|i |@| - Rc% ' %  -  n %  -  n %  -  @?_ - Rc+ ' +  -  n +  -  n +  -   Ai?c M) |i @__||) Lu UL@h@?Uitc i @i j %+ ' SJE%  -  n %  -  n %  -  c+  -  n +  -  n +  -   Eb ' SJE%  -  c+  -  nSJE%  -  c+  -  nSJE%  -  c+  -   nSJE%  -  c+  -  nSJE%  -  c+  -  nSJE%  -  c+  -   nSJE%  -  c+  -  nSJE%  -  c+  -  nSJE%  -  c+  -   ' %  +  j  n   +  j  n %  +  j  nE%  +  n %  +  j  nE%  +  n %  +  j  nE%  +  n %  +  j   AL **t|h@|i |iti hit*|tc UL?t_ih |i i @4T*i _@|@ | |i ThiLt*) UL4 T|i_ iUi?| TLh|uL*Lt _i?L|i_ @tti| j @?_ @tti| v L?t_ih uLh4?} @ TLh|uL*L Lu |iti |L TLh|uL*Lt | |i i}|t 5  'fD @?_ 5 + 'fD Ai? M) t|h@}|uLh@h_ U@*U*@|L?t i @i j %+ ' S > 4?# 'EfDEffnEfDEf2D ' ff j 4?#  EfD EfSS n EfD ES n 2EfDEfDES ' ffe j 4?# ' I ffe'fH D Lh|uL*L ~ t @? iUi?| TLh|uL*L @?_ |i T@h E> Rc5 cj Rc5 'EffcfH *it L? |i iUi?| uhL?|ih At TL?| t **t|h@|i_ ? }hi  AL |h@Ui L| |i i?|hi uhL?|ih i t4T*) @h) |i i}|t 5 % @?_ 5 + Lih tL4i h@?}ic t@) E5 % c5 + 'Efc c Efcfb ccEc fcUL4T|i E. @?_ EH @?_ T*L| > Rc5 @}@?t| j Rc5  At t **t|h@|i_ ? }hi   6?_?} |i B*LM@* ?44 V@h@?Ui Lh|uL*L Ai }*LM@* 4?44 @h@?Ui TLh|uL*L "  E$  ?$  ?$    uLh |i |hii @tti| U@ti tL*it |i UL?t|h@?i_ 4?43@|L? ThLM*i4 4? $  ?$  ?$  j 4?$  6  j  n 6  j  n 6  j  Ef n26  6  j  n26  6  j  n26  6  j  r| '6  n 6  n 6   Ai w@}h@?}@? uLh |t ThLM*i4 t KE$  ?$  ?$  ?>'$  j  n 6  j  n 6  j  n26  6  j  n26  6  j  n26  6  j  nbE6  n 6  n 6   ? @?_ |i ht| Lh_ih UL?_|L?t uLh @ 4?44 @hi f' ;K ;$   26  j  n26  j  n26  j  n b E f' Yu Y6  '26  j  n26  j  n26  j  n b f' Yu Y6  '26  j  n26  j  n26  j  n b f' Yu Yb ' 6  n 6  n 6    At }it uLh *?i@h i^@|L?t ? uLh ?!?L?t U U@? Mi tL*i_ |L ?_ |i }*LM@* 4?44 @h@?Ui TLh|uL*L Nt?} |i _@|@ ? A@M*i c | U@? Mi tL? |@| |i }*LM@* 4?44 @h@?Ui TLh|uL*L t $   ffc6  'fbS @?_ 6  'febD Ai i TiU|i_ hi|h?c @h@?Ui @?_ t|@?_@h_ _i@|L? Lu |t TLh|uL*L @hi > Rc6 ' > RcQ  EffEf22bnEfbSEfH n EfebDEfD2H 'f2e j 4?$ 'Eff Efb2e n EfbSEfHS2 n EfebDEfD2H n2EffEfbSEffS n 2EffEfebDEfDH2 n 2EfbSEfebDEfDb 'ff j 4?$ ' I ff'ff Ai T@h E> 4?$ cj 4?$ 'Effc ff t **t|h@|i_ ? }hi  S 2 __?} @ +t!6hii tti| L?t_ih @__?} @ ht!uhii @tti| EAM** | !?L? hi|h? o I |L |i ?it|4i?| ThLM*i4 6hL4 Lh @?@*)tt Lu TLh|uL*Lt Lu |L ht!) @tti|t @?_ @ ht!uhii @tti| i !?L uhL4 |i 4|@* u?_ tiT@h@|L? |iLhi4 |@| |i iUi?| ti| Lu TLh|uL*Lt @hi UL4M?@|L?t Lu |i ht!uhii @tti| @?_ |i tLU@**i_ |@?}i?U) TLh|uL*L Ai |@?}i?U) TLh|uL*L t |i TLh|uL*L Lu ht!) @tti|t |@| @t |i *@h}it| 5@hTi<t t*LTi wi| |  c|  @?_ |  _i?L|i |i ThLTLh|L?t Lu @tti|t c  @?_  ? |i |@?}i?U) TLh|uL*L AL ?_ |i |@?}i?U) TLh|uL*L c i tL*i 4@ |  c|  c|  > Rc|  o s j Rc| ihi > Rc| ' |  >  n |  >  n |  >  c j Rc|  |  j  n |  j  n |  j  n2|  |  j  n2|  |  j  n2|  |  j   Nt?} |i _@|@ uhL4 A@M*i  @?_ @tt4?} @ ht!uhii h@|i Lu o I 'f2c | U@? Mi tL? |@| |i |@?}i?U) TLh|uL*L t |  'fD2c|  'fD @?_ |  'fD Ai i TiU|i_ hi|h?c @h@?Ui @?_ t|@?_@h_ _i@|L? Lu |t TLh|uL*L @hi > Rc| 'EfD2Ef22b n EfDEfH n EfDEfD2H 'fDb j Rc|  EfD2 Efb2enEfDEfHS2 n EfDEfD2H n2EfD2EfDEffS n 2EfD2EfDEfDH2 n 2EfDEfDEfDb 'fD j Rc| ' I fD'fb Ai T@h E> Rc| cj Rc| 'EfDcfb t **t|h@|i_ ? }hi  Ai |@?}i?U) TLh|uL*L U@? @*tL Mi uL?_ @?@*)|U@**) t?} |i uLh4*@ uLh |i |@?}i?U) TLh|uL*L ? |i U@ti Lu |L ht!) @tti|t W? Lh_ih |L ti |t uLh4*@c L iihc |i |L ht!) @tti|t 4t| Mi iUi?| TLh|uL*Lt AL **t|h@|ic UL?t_ih |i |L iUi?| TLh|uL*Ltc TLh|uL*Lt j @?_ vc |@| tL*i Ee @?_ ES Aiti TLh|uL*Lt @i i TiU|i_ hi|h?t @?_ @h@?Uit > Rc% c> Rc+ cj Rc% @?_ j Rc+  W? @__|L?c |i UL@h@?Ui Mi|ii? |i hi|h?t L? |iti |L TLh|uL*Lt t j +  wi| | % _i?L|i |i t@hi Lu i@*| ? TLh|uL*L j @?_ | + ' |  _i?L|i |i t@hi Lu i@*| ? TLh|uL*L v Ai?c t?} |i @?@*)|U uLh4*@ uLh |i |L ht!) @tti| U@tic i @i |  ' E> 4?  o I j Rc+  -> Rc+  o s j %+ E> Rc%  o s j Rc+ nE> Rc+  o I j 4?  -> Rc%  o s n > Rc+  o s j %+ c| + ' | %  E2 # Wklv lv d yhu| whglrxv fdofxoxv sureohp1 Krzhyhu/ lw lv hdvlo| vroyhg qxphulfdoo| xvlqj wkh Vroyhu lq H[FHO1 . Ai i TiU|i_ hi|h? @?_ @h@?Ui Lu |t TLh|uL*L @hi > Rc| ' | % > Rc% n | + > Rc+ c j Rc|  | % j Rc% n | + j Rc+ n2| % | + j %+  AL **t|h@|i |t hit*| t?} |i _@|@ ? A@M*i c hiU@** |@| > Rc% 'ffc> Rc+ ' f2Dcj Rc%  fSScj Rc+ 'S @?_ j %+ ' S 5Mt|||?} |iti @*it ?|L E2 }it |   f.H @?_ | + 'fS22 Ai i TiU|i_ hi|h?c @h@?Ui @?_ t|@?_@h_ _i@|L? Lu |i |@?}i?U) TLh|uL*L @hi > Rc| 'Ef.HEffnEfS22Ef2D'fDbc j Rc|  Ef.H EfSSnEfS22ES n 2Ef.HEfS22ES ' fDc j Rc| 'ffc U @hi |i t@4i @t |Lti uL?_ @MLi Ai i}|t ? @tti|t c @?_  ? |i |@?}i?U) TLh|uL*L @hi |  ' | % %  n | + +  'Ef.HEfbH n EfS22Efb. ' fD2 |  ' | % %  n | + +  'Ef.HEf n EfS22EffeD ' fDc |  ' | % %  n | + +  'Ef.HEfS. n EfS22Efe2'fDc U @hi _i?|U@* |L |Lti uL?_ @MLi 2 Lh|uL*L 4@| | 4@|h @*}iMh@ `i? Lh!?} | *@h}i TLh|uL*Ltc |i t4T*i @*}iMh@ Lu hiThiti?|?} TLh|uL*L 4i@?t @?_ @h@?Uit MiUL4it U4MihtL4i Ai ti Lu 4@|h E*?i@h @*}iMh@ U@? }hi@|*) t4T*u) 4@?) Lu |i UL4T|@|L?t @|h @*}iMh@ uLh4*@|L?t @hi @*tL ih) tiu* i? | UL4it |4i |L _L @U|@* UL4T|@|L?t L? |i UL4T|ih LT*@h tThi@_tii| ThL}h@4t *!i , Ui* @?_ wL|t 2c U @hi |i Lh!Lhti ThL}h@4t Lu 4@?)  ?@?U@* Ltitc U@? @?_*i M@tU 4@|h U@*U*@|L?t U @*tL 4@!i | Lh|*i |L MiUL4i u@4*@h | 4@|h |iU?^it   L?t_ih @}@? |i t4T*i |hii @tti| TLh|uL*L ThLM*i4 6ht|c i _i?i |i uL**L?}    UL*4? iU|Lht UL?|@??} |i hi|h?t @?_ TLh|uL*L i}|t +  ! - + -  -  -  " . , c   ! - +       " . ,  W? 4@|h ?L|@|L? i U@? *4T 4*|T*i hi|h?t ? @ t?}*i iU|Lh U i _i?L|i M) + 5?Ui i@U Lu |i i*i4i?|t ? + t @ h@?_L4 @h@M*i i U@** + @ h@?_L4 iU|Lh $ Wkh pdwul{ ixqfwlrqv dydlodeoh lq H{fho dqg Orwxv 456 duh yhu| olplwhg1 Vhulrxv dqdo|vlv vkrxog eh grqh xvlqj pdwul{ surjudpplqj odqjxdjhv olnh Vsoxv/ Pdwode ru JDXVV1 H `i U@? @*tL |@*! @ML| |i ThLM@M*|) _t|hM|L? Lu |i h@?_L4 iU|Lh + At t t4T*) |i L?| _t|hM|L? Lu |i i*i4i?|t Lu + W? }i?ih@*c |i _t|hM|L? Lu + t UL4T*U@|i_ M| u i @tt4i |@| @** hi|h?t @hi L?|*) ?Lh4@**) _t|hM|i_ |i? @** i ?ii_ |L Lhh) @ML| t |i 4i@?tc @h@?Uit @?_ UL@h@?Uit Lu |i hi|h?t `i U@? i@t*) t44@h3i |iti @*it t?} 4@|h ?L|@|L? @t uL**Lt 6ht|c i _i?i |i    iU|Lh Lu TLh|uL*L i TiU|i_ @*it @t .d+o'. # ' % 3 E C -  -  -  4 F D 6 : 8  ! - + .@-  o .d-  o .d-  o " . ,  ! - + >  >  >  " . ,   @?_ |i    UL@h@?Ui 4@|h Lu hi|h?t @t SJ-+' ! - + @o--   SJE-  c-   SJE-  c-   SJE-  c-   @oE-   SJE-  c-   SJE-  c-   SJE-  c-   @oE-   " . ,  ! - + j  j  j  j  j  j  j  j  j  " . ,  2 L|Ui |@| |i UL@h@?Ui 4@|h t t)44i|hU Ei*i4i?|t Lg |i _@}L?@* @hi i^@* tL |@| 2 ' 2  c ihi 2  _i?L|it |i |h@?tTLti Lu 2 t?Ui SJ--  c-  'SJE-  c-  c SJE-  c-  'SJE-  c-   @?_ SJE-  c-  'SJE-  c-   Nt?} |i i @4T*i _@|@ ? A@M*i  i @i   ! - + >  >  >  " . ,  ! - + f22b fH ffD2 " . , ? 2  ! - + Bb2e ffS fDH2 ffS fHS2 fDb fDH2 fDb fD2H " . ,  Ai hi|h? L? |i TLh|uL*L t?} iU|Lh ?L|@|L? t - 4?    +  -  ?  ?    ! - + -  -  -  " . ,    -  n %  -  n %  -   54*@h*)c |i i TiU|i_ hi|h? L? |i TLh|uL*L t > Rc% ' .d  +o'  .d+o'    E  ?  ?    ! - + >  >  >  " . ,    >  n %  >  n %  >   b i |c |i @h@?Ui Lu |i TLh|uL*L t j 4?  @o-  + '  P 'E  ?  ?    ! - + j  j  j  j  j  j  j  j  j  " . , ! - +       " . ,    j  n %  j  n %  j  n2%  %  j  n2%  %  j  n2%  %  j  6?@**)c |i UL?_|L? |@| |i TLh|uL*L i}|t t4 |L L?i U@? Mi i Thitti_ @t   Q 'E  ?  ?    ! - + Q Q Q " . ,    n   n   ' ihi Q t@  iU|Lh | i@U i*i4i?| i^@* |L  L?t_ih @?L|ih TLh|uL*L | i}|t  'E+  c+  c+     Ai hi|h? L? |t TLh|uL*L t - Rc+    +  +  -  n +  -  n +  -   W? |i uL**L?} i ** ?ii_ |L UL4T|i |i UL@h@?Ui Mi|ii? |i hi|h? L? TLh| uL*L  @?_ |i hi|h? L? TLh|uL*L c SJE- Rc% c- Rc+  W| U@? Mi tL? |@| j %+ ' SJE- Rc% c- Rc+ 'SJE  +?)  + '  P) 'E  ?  ?    ! - + j  j  j  j  j  j  j  j  j  " . , ! - + +  +  +  " . ,    +  j  n %  +  j  n %  +  j  nE%  +  n %  +  j  nE%  +  n %  +  j  nE%  +  n %  +  j   2 6?_?} ,Ui?| Lh|uL*Lt Ai UL?t|h@?i_ 4?43@|L? ThLM*i4 Ee |L ?_ @? iUi?| TLh|uL*L U@? Mi hi i Thitti_ t?} 4@|h @*}iMh@ @t 4?  j 4?    2 r| > 4?B     Q  Q EDE > 4?B t @ |@h}i| i TiU|i_ hi|h? @|h @*}iMh@ U@? @*tL Mi ti_ |L }i @? @?@*)|U tL*|L? |L |i ht| Lh_ih UL?_|L?t uhL4 |i 4?43@|L? ThLM*i4 Ee 5?Ui |i ht| Lh_ih UL?_|L?t ED UL?tt| Lu i *?i@h i^@|L?t ? i ?!?L?t E  ?  ?  ?> Q ?>  i U@? hiThiti?| |i t)t|i4 ? 4@|h ?L|@|L? @t ! - - - - - - + j  j  j  >  Q j  j  j  >  Q j  j  j  >  Q >  >  >  BB QQQBB " . . . . . . , ! - - - - - - +       > Q > " . . . . . . ,  ! - - - - - - + B B B > 4?B  " . . . . . . , f

Ngày đăng: 17/12/2013, 15:21

Từ khóa liên quan

Tài liệu cùng người dùng

  • Đang cập nhật ...

Tài liệu liên quan